BMO's Financial Tip of the Week: Choose an Investment Advisor Who Is Right For You and Will Help You Meet Your Financial Goals
TORONTO, ONTARIO--(Marketwire - Aug. 29, 2012) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.
BMO's Financial Tip of the Week: Know what you need and consider a variety of factors when selecting an investment advisor.
BMO Nesbitt Burns offers the following tips when selecting an investment advisor:
Soft skills matter: Look for an advisor who listens to you and takes an interest in your specific life situation. That means extending the wealth management conversation beyond investments to include things that matter to you, such as insurance, estate planning, tax planning, business succession planning and/or education savings.
Contact is key: A good advisor will work with you to define and manage your service level expectations for contact. Regular contact, such as portfolio reviews, phone calls and face-to-face meetings to discuss information related to your overall financial plan, is essential.
Get the lowdown: Does 'client service' imply no more than a financial statement, or is it followed up with meaningful conversations, either by phone or face-to-face? Also, ensure you have a clear understanding with your advisor of the fees you will be paying and the services you will receive to avoid any surprises.
Consider credentials: Choose an advisor who possesses well-known industry designations - such as Personal Financial Planner (PFP)®, Chartered Investment Manager (CIM)®.or Chartered Financial Analyst (CFA)® - and is committed to ongoing continuing education.
"There is tremendous value in working with a trusted investment advisor given the myriad of financial options available to Canadian investors today," said Bill Brown, Senior Vice President and Managing Director, BMO Nesbitt Burns. "A financial professional who understands your financial goals can not only help you identify a suitable investing strategy that is unique to you and your needs, but can also greatly enhance your ability to succeed when it comes to managing your investments."
To learn more about BMO's investment advisors, please visit http://www.bmo.com/nesbittburns/.
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